McEwen Inc.

McEwen closed its acquisition of Golden Lake Exploration, whose Jewel Ridge projects sit directly adjacent to McEwen's own Windfall and Lookout Mountain discoveries in Nevada's Eureka district, folding the land package into the growing Gold Bar Mine Complex; Golden Lake holders received 0.003876 McEwen shares per share and the company was delisted from the CSE.

business combination

McEwen published its first formal resource estimate for the newly acquired Tartan Mine (308,900 oz Indicated, 302,700 oz Inferred gold), targeting an initial ~30,000 oz/year restart as part of a broader plan to roughly double the company's total gold production to 250,000-300,000 oz by 2030.

resource reserve update

New step-out drilling at the newly acquired Tartan Mine project extended high-grade gold mineralization further along its Western Flank, while McEwen separately released its year-end 2025 resource update for Grey Fox.

resource reserve update

McEwen closed its acquisition of Canadian Gold Corp (bringing in the Tartan gold project in Manitoba) after CGC shareholders approved it and a Canadian court signed off; Chairman Rob McEwen's own CGC shares were carved out to receive subscription receipts instead of direct McEwen stock, a late change made to satisfy NYSE requirements on insider share issuances.

business combination

Raised about $12.4 million in a two-part Canadian flow-through offering priced at $20.90-23.80/share - a striking jump from the roughly $1-2/share pricing of the 2020-2021 flow-through rounds, reflecting how much the stock had re-rated since.

capital raising announcement

McEwen signed a definitive arrangement agreement to acquire Canadian Gold Corp on the same 0.0225-share exchange ratio as June's letter of intent, with a special provision requiring separate stockholder approval for any shares issued to Chairman Rob McEwen (himself a CGC shareholder) above 1% of McEwen's stock, to satisfy NYSE rules on insider transactions.

business combination

The bankable Feasibility Study for Los Azules confirmed a massive, economically strong project - $2.9 billion after-tax NPV, 19.8% IRR, 21-year mine life averaging 148,200 tonnes/year of copper cathode - while McEwen Inc.'s own stake in the McEwen Copper vehicle has further thinned to 46.4% as outside capital (now including a strategic collaboration with the IFC on potential project debt financing) keeps funding it toward construction.

resource reserve update

McEwen reported strong new drill results at Grey Fox (Gibson and GFS zones) ahead of an October 2025 resource update, and separately announced a new high-grade gold discovery at its Windfall project in Nevada.

resource reserve update

Now renamed McEwen Inc., the company signed a binding letter of intent to acquire Canadian Gold Corp in an all-stock deal (0.0225 McEwen shares per CGC share) structured as a plan of arrangement, with a 90-day exclusivity period to negotiate definitive terms.

material agreement

Issued $110 million of 5.25% convertible senior notes due 2030 to institutional buyers, netting about $105.9 million - the first time McEwen tapped the public convertible-debt market rather than relying on Evanachan or other private lenders, using the proceeds to fund capped-call hedges, partly repay the Evanachan-led credit facility, and general purposes.

capital raising announcement

McEwen extended its credit facility with insider lender Evanachan by two years (to 2028) and delayed mandatory principal repayments to 2027, clearing the way to raise up to $110 million in new unsecured convertible notes - but had to pay for the extension by issuing Evanachan shares worth 2% of the outstanding loan balance.

material agreement

McEwen completed its acquisition of Timberline Resources after Timberline shareholders overwhelmingly approved the merger; Timberline is now a wholly owned subsidiary and was delisted from the TSX Venture and OTCQB, bringing McEwen the Eureka project in Nevada for further drilling and development.

asset acquisition disposition

McEwen Mining and Chairman Rob McEwen's company Evanachan each bought more McEwen Copper stock ($14 million and $5 million respectively), part of a larger private placement that could raise up to $70 million for the Los Azules vehicle from outside accredited investors too.

asset acquisition disposition

The amendment moved the Timberline record date on again, from 7 June to 8 July 2024, and added a tax warning that matters to overseas holders: because Timberline is a United States real property holding corporation and has been throughout the past five years, non-US shareholders will be taxed on the exchange even though the merger qualifies as a tax-free reorganisation, unless they can claim a treaty exemption.

business combination

Amendment to the registration for McEwen's all-stock purchase of Timberline Resources: a fixed 0.01 McEwen share for each Timberline share, worth about 11 cents a Timberline share at the June 7, 2024 close, leaving McEwen's own holders with roughly 96.4% of the company. Timberline owes a $400,000 break fee in the circumstances specified - the scale of the whole thing, an exploration company folded in for a rounding error of the buyer's equity.

business combination

Announced a new McEwen Copper private placement of up to $70 million at $30/share - a large step up from the $10-26/share range of the 2021-2022 rounds, reflecting the project's growing value as Stellantis and Nuton had bought in.

capital raising announcement

The flow-through share offering closed, raising about $20.8 million net for McEwen's Canadian exploration and development spending.

material agreement

McEwen arranged a $20.9 million tax-advantaged 'flow-through' share offering in Canada (1.5 million shares, split between exploration- and development-expense classes) through a five-bank syndicate led by Cantor Fitzgerald.

material agreement

McEwen registered the shares for its takeover of Timberline Resources, its existing joint-venture partner, at a fixed 0.01 McEwen share per Timberline share -- so Timberline holders carry the price risk to closing. McEwen had first approached Timberline about its Eureka project in Nevada in January 2022.

business combination

McEwen agreed to acquire Timberline Resources, a Nevada gold explorer, in an all-stock deal (Timberline holders get 0.01 McEwen shares per Timberline share) that will make Timberline a wholly owned subsidiary - a modest-sized bolt-on rather than a transformative deal.

business combination

Raised $16.1 million in a further flow-through offering, this time co-led by Cantor Fitzgerald Canada and Roth Capital Partners.

capital raising announcement

Stellantis invested a further $120 million in McEwen Copper through FCA Argentina, its second tranche in under a year, continuing to deepen its stake in Los Azules.

capital raising announcement

McEwen reported new assay results from the Stock property at its Fox Complex and filed the formal SEC-compliant (S-K 1300) technical report summary for Los Azules, putting the resource estimate behind June's PEA on official U.S. regulatory footing.

drilling result

A major new Los Azules study built around heap-leaching and cathode production (rather than a conventional concentrator) showed a $2.659 billion after-tax NPV and 21.2% IRR, with the resource itself growing to 10.9 billion lbs of Indicated copper - though the leach-cathode design requires $2.46 billion of initial capital, and McEwen Mining's own stake in the Los Azules vehicle has fallen further to 52% as outside capital keeps funding it.

resource reserve update

McEwen refinanced its secured credit facility a third time, fully repaying and removing Sprott as lender and consolidating everything under insider lender Evanachan (owned by Chairman Rob McEwen), which also absorbed a separate $15 million note into the facility - leaving McEwen's own Chairman as its sole secured lender for $40 million.

debt financing

Nuton (a Rio Tinto subsidiary and existing McEwen Copper shareholder) agreed to buy $6.6 million of newly issued McEwen Copper shares directly plus another $23.4 million of shares secondhand from McEwen Mining itself, while also amending their existing technology-collaboration agreement - deepening a major strategic partner's stake in the Los Azules vehicle.

material agreement

Global automaker Stellantis, through its Argentine subsidiary FCA Argentina, invested roughly $155 million in McEwen Copper - $108 million in newly issued shares and $47.4 million buying existing shares from McEwen Mining itself - a major strategic validation of Los Azules as a future EV-supply-chain copper source.

capital raising announcement

More Los Azules assay results showed thick, high-grade copper intercepts (up to 237 meters at 1.05% copper), including one deep hole that intersected mineralization as far as 1,100 meters down - underscoring the deposit's scale as drilling continued.

drilling result

After a rough start to 2022, McEwen reported a turnaround underway - rising production and falling per-ounce costs in October-November - and guided to 150,000-170,000 gold-equivalent ounces for 2023, up from a full-year 2022 forecast of about 135,700-141,800 ounces (still below 2021's 154,400).

production update

McEwen Copper signed a deal letting Rio Tinto subsidiary Kennecott Exploration earn a 60% interest in the Elder Creek copper project in Nevada by spending $18 million over up to seven years and operating it, after which the two would form a 60:40 joint venture - a non-dilutive way to fund exploration on a secondary asset while McEwen retains a 1.25% royalty.

farm in farm out agreement

Nuton LLC, a Rio Tinto subsidiary, bought into McEwen Copper for the first time - $26.85 million for a 9.73% stake, the third and final closing of the Series B round - and the two sides signed a collaboration agreement to test Nuton's copper leaching technology on Los Azules ore, a validation of the project's technical direction.

capital raising announcement

New Los Azules drilling returned long, high-grade copper intercepts (including 222 meters at 0.95% copper), part of a program aimed at upgrading resources and testing depth extensions ahead of an updated economic study due in early 2023; independent analysts ranked Los Azules among the world's five largest undeveloped copper deposits not already owned by a major miner.

drilling result

McEwen Copper closed a further $15 million private placement (1.5 million shares) with outside investors, on top of the $40 million Evanachan sale from a year earlier; parent McEwen Mining's stake in the Los Azules vehicle is now down to 76% as outside capital keeps coming in.

asset acquisition disposition

After a weak first quarter (COVID-related staffing losses, cold weather and equipment failures hit Fox Complex and San Jose output), Chairman Rob McEwen personally lent the company a further $15 million via an unsecured promissory note, while its existing $50 million term loan was amended to push out $50 million of principal repayments (to 2025) and drop its security interest over McEwen Copper and Los Azules - freeing that subsidiary to raise its own outside capital.

capital raising announcement

A new economic study for the Fox Complex in Timmins showed a 12-plus-year mine life averaging nearly 72,000 oz/year of gold at under $800/oz cash cost, building on the Froome mine's successful 2021 startup; McEwen hired Wood Canada to help decide how to unlock further value from the wider Fox property package.

resource reserve update

For the third time (2015, 2020, now 2022), McEwen fell below the NYSE's $1.00 minimum average share price, triggering another six-month cure period and ".BC" ticker designation; its TSX listing is unaffected.

listing compliance notice

McEwen Copper - the private subsidiary McEwen spun out to hold the Los Azules copper project - sold a $40 million stake (4 million shares at $10 each) to Evanachan, the company owned by Chairman Rob McEwen, as part of an up-to-8-million-share private placement; Evanachan now owns 18.6% of McEwen Copper alongside the parent's majority stake.

asset acquisition disposition

Publicized the closing of the $40 million first tranche of McEwen Copper's Series B placement, all of it bought by Chairman Rob McEwen's Evanachan Limited - the same transaction detailed two days later in the company's formal contract-disclosure filing.

capital raising announcement

McEwen's El Gallo mine in Mexico was temporarily shut down after local community members illegally blockaded the site's main access, demanding larger community payments; the site is only minimally staffed while McEwen negotiates a resolution, though El Gallo represents just 3-4% of 2021 production guidance.

production update

McEwen filed the formal, bankable feasibility study confirming Gold Bar's reduced reserve base: a 6-year mine life producing 302,000 oz of gold, with an after-tax NPV of $55.2 million at $1,500/oz.

resource reserve update

McEwen filed the full feasibility study for Project Fenix at El Gallo: a 9.5-year mine life in two phases (gold, then silver) with a 28% after-tax IRR at $1,500 gold, permits for Phase 1 already in hand, and next steps focused on engineering and financing.

resource reserve update

McEwen raised $31.5 million selling 30 million shares at $1.05 apiece to institutional investors off its existing shelf registration, netting about $29.9 million for its mining projects and working capital.

material agreement

Raised $16.3 million in a further flow-through offering through Cantor Fitzgerald Canada, its largest of this financing pattern yet.

capital raising announcement

McEwen confirmed the Gold Bar reserve reduction it had flagged as likely back in Q1 2020: Probable Reserves are now 302,000 oz, down 30% from the 430,000 oz estimated when mining started in 2019, driven by revised geology, metallurgy and drilling data; after-tax NPV is now $62-76 million at $1,500/oz gold.

resource reserve update

McEwen refinanced its $50 million secured term loan, bringing in Sprott Private Resource Lending as the new administrative agent and lender alongside insider lender Evanachan (owned by Chairman Rob McEwen); the same 9.75% rate applies, but principal repayment was pushed back to start in August 2022 with the balance due August 2023, giving the company more runway.

debt financing

McEwen's Black Fox mine, which had been suspended for three weeks in the spring due to COVID-19, was back operating under health guidelines with no new local cases reported since May, while underground exploration drilling turned up promising high-grade gold results extending the mine to the west.

resource reserve update

For the second time (after 2015), McEwen fell below the NYSE's $1.00 minimum share price requirement as the stock slid amid COVID-19 market turmoil, triggering a six-month cure period and the ".BC" ticker designation.

listing compliance notice

McEwen raised about $50 million in an underwritten public offering of stock-and-warrant units at $1.325/unit, with underwriters fully exercising their option for extra warrants - a straightforward, non-insider capital raise.

material agreement

Alongside more promising 147NE exploration results, McEwen disclosed it was cutting production guidance at both Gold Bar and Black Fox - Gold Bar's startup delays pushed output from 2019 into 2020, and Black Fox slowed on underground development - even as its Argentina and Mexico operations (60% of guidance) stayed on track.

production update

McEwen's Grey Fox deposit near Black Fox grew again - Indicated gold resources up 22% to 567,000 oz at 7.10 g/t and Inferred up 35% - driven by a new discovery zone (147NE) that a study is now evaluating for underground mining.

resource reserve update

McEwen raised about $25 million in a private placement of stock-and-warrant units at $1.55/unit to an institutional investor and several of its own directors and officers, netting roughly $23.5 million for its mining projects and working capital.

material agreement

McEwen borrowed $50 million at 9.75% interest to fund Gold Bar construction and working capital, secured by a lien on company assets; half of the loan ($25 million) came from Evanachan Limited, a company owned by McEwen's own Chairman and CEO Robert McEwen.

debt financing

McEwen's $15 million 2018 Black Fox exploration program hit a record pace (129,000 ft drilled in Q2 alone) with encouraging results at the Stock East, Froome and Gibson targets, and the Black Fox Mine's own resource was upgraded, eliminating the Inferred category entirely in favor of Indicated ounces.

resource reserve update

McEwen filed the finalized El Gallo mine-life-extension study ('Project Fenix') and explicitly corrected the numbers it had previewed six weeks earlier: mine life is actually 12 years (not 10), with a 28% after-tax IRR, $60 million NPV, $41 million initial capital and 47,000 oz/year of gold-equivalent production.

resource reserve update

Three updates in one week: the Tamarack deposit at Black Fox got its first resource estimate including base metals (127,000 Indicated gold-equivalent oz, up from 41,000 Inferred oz), McEwen flagged a possible promissory-note financing for Gold Bar construction, and it previewed a new economic study extending El Gallo's mine life by about 10 years.

resource reserve update

With construction already underway, McEwen updated the Gold Bar feasibility study: capital costs rose about 30% to $81 million after adding a crushing/agglomeration plant, but that lifts expected gold output 20% to an average 62,800 oz/year at a $770/oz cash cost, with production targeted for 2019.

resource reserve update

McEwen closed the Black Fox purchase from Primero for a final $27.5 million cash (down from the initial $35 million after adjustments), funded by a recent equity raise; the deal lifts McEwen's forecast 2018 production 20% to 185,000 gold-equivalent ounces.

asset acquisition disposition

McEwen raised roughly $46.6 million in an underwritten public offering of 18 million shares (plus warrants) at $2.25/share through Cantor Fitzgerald, with underwriters fully exercising their over-allotment option.

material agreement

A major new economic study for Los Azules showed sharply improved economics - an after-tax NPV of $2.2 billion (20.1% IRR), 3.6-year payback and 36-year mine life - after McEwen redesigned the project around a conventional flotation concentrator and phased 80,000-to-120,000-tonne-per-day throughput, helped by Argentina's removal of export taxes on mineral concentrates.

resource reserve update

McEwen and Primero signed the binding definitive agreement for the $35 million Black Fox purchase, targeting a late-September close and highlighting the deal's excess mill capacity and exploration upside along the Destor-Porcupine Fault.

asset acquisition disposition

McEwen agreed to buy the producing Black Fox Complex in Timmins, Canada from Primero Mining for $35 million, immediately adding 50,000-60,000 oz/year of gold production and giving it a base to consolidate its recently acquired Timmins-area deposits around a single mill.

asset acquisition disposition

The Lexam VG Gold acquisition closed, with McEwen issuing about 12.3 million shares (roughly 3.9% of its stock) to Lexam holders and delisting Lexam from the TSX - adding to McEwen's land position in the Timmins gold camp.

business combination

McEwen agreed to acquire Lexam VG Gold, a Timmins-area gold explorer also chaired by Rob McEwen himself, for 0.056 McEwen shares per Lexam share; McEwen and a fellow director who sat on both boards abstained from the vote given their dual interest.

business combination

A feasibility study for the Gold Bar project in Nevada came back positive - $60 million of initial capital, a 20% after-tax IRR at $1,150/oz gold, and average annual production of 65,000 oz at a $728/oz cash cost - positioning it as McEwen's next mine to build.

resource reserve update

Just weeks after starting its first dividend, McEwen fell out of NYSE compliance as its stock's 30-day average price dropped below $1.00 amid a broader slump in gold and silver prices, triggering a six-month cure period and a ".BC" ticker designation despite record production at El Gallo.

listing compliance notice

McEwen declared its first-ever dividend - $0.01/share annually, paid semi-annually starting in August 2015 - a milestone the company credited to improving operating cash flow, though a token amount (about 1% yield) relative to its share count.

dividend declaration

McEwen was added to the NYSE Arca Gold Miners Index, and days later released a much bigger milestone: an updated Los Azules economic study showing a pre-tax NPV of $3.0 billion (17.6% IRR) and after-tax NPV of $1.7 billion, with copper output averaging 255,000 tonnes/year in its first five years - output that would rank among the top 3% of copper mines worldwide.

resource reserve update

The neighboring, not-yet-built El Gallo 2 project also grew its resource sharply - Measured & Indicated silver up 20% to 63.9 million oz and gold up 215% to about 202,000 oz - as McEwen converted Inferred material ahead of updating the project's mine plan.

resource reserve update

McEwen's El Gallo 1 mine in Mexico, which had just reached commercial production in January 2013, saw its gold resource grow 38% to about 691,500 ounces, and the company began a 50% mill expansion (to 4,500 tonnes/day, ~$5 million) meant to ramp output from 27,300 oz this year toward 75,000 oz by 2016.

resource reserve update

The Los Azules resource grew again - Indicated copper up 17% to 5.4 billion lbs and Inferred up 32% to 14.3 billion lbs - capping the most successful drill season yet, with a new economic study due in the third quarter to evaluate higher throughput and producing cathode copper instead of concentrate.

resource reserve update

New Los Azules drill results extended high-grade copper mineralization both along a new western trend and more than 300 meters deeper than previously tested, including 0.51% copper over 618.5 meters in one hole - results that will feed into a resource update due by the end of May.

drilling progress report

McEwen settled a British Columbia lawsuit over ownership of mineral claims around its flagship Los Azules copper project, agreeing to issue 1 million shares to plaintiff TNR Gold Corp in exchange for a full release of claims - clearing a title dispute that had clouded the asset since before McEwen acquired it via Minera Andes in 2012.

material agreement

A further Los Azules resource update pushed Inferred copper up another 29% to 13.95 billion lbs, though Indicated copper slipped slightly to 4.45 billion lbs as deeper drilling opened up a new parallel mineralized trend; an updated economic study was slated for later in 2013.

resource reserve update

Chairman and Chief Owner Rob McEwen personally backstopped the company's $60.4 million rights offering, agreeing to buy any shares other holders don't subscribe for - a strong vote of confidence from the largest insider rather than a dilutive outside raise.

material agreement

A feasibility study for Phase II of McEwen's El Gallo silver-gold project in Sinaloa, Mexico came back positive: about 5.2 million oz of silver and 6,100 oz of gold a year for the first six years, a 26% after-tax IRR at $25 silver, and roughly $178 million of initial capital needed.

resource reserve update

McEwen Mining raised its resource estimate for the 100%-owned Los Azules copper project in Argentina - Indicated copper up 109% to 4.6 billion lbs and Inferred copper up 4% to 10.8 billion lbs - as one of the world's largest undeveloped copper deposits kept growing on the drill bit.

resource reserve update